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v3.23.2

Securities (Tables) | 6 Months Ended
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Jun. 30, 2023
Securities |
Reconciliation From Amortized Cost to Estimated Fair Value of Marketable Securities | This table provides the major components of debt securities available for sale ("AFS") and held to maturity (“HTM”) at amortized cost and estimated fair value at June 30, 2023 and December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023 | ​ | December 31, 2022
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​
​ | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Estimated | ​ | Amortized | ​ | unrealized | ​ | unrealized | ​ | Estimated
(In thousands) | ​ | cost | ​ | gains | ​ | losses | ​ | fair value | ​ | cost | ​ | gains | ​ | losses | ​ | fair value
Available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities | ​ | $ | 16,978 | ​ | $ | — | ​ | $ | (730) | ​ | $ | 16,248 | ​ | $ | 16,961 | ​ | $ | — | ​ | $ | (656) | ​ | $ | 16,305
State and political subdivisions | ​ |  | 631 | ​ |  | — | ​ |  | (45) | ​ |  | 586 | ​ |  | 635 | ​ |  | — | ​ |  | (22) | ​ |  | 613
Residential mortgage-backed securities | ​ |  | 16,270 | ​ |  | 29 | ​ |  | (1,623) | ​ |  | 14,676 | ​ |  | 17,097 | ​ |  | 32 | ​ |  | (1,654) | ​ |  | 15,475
Corporate and other securities | ​ |  | 65,206 | ​ |  | 212 | ​ |  | (3,962) | ​ |  | 61,456 | ​ |  | 66,495 | ​ |  | 106 | ​ |  | (3,601) | ​ |  | 63,000
Total debt securities available for sale | ​ | $ | 99,085 | ​ | $ | 241 | ​ | $ | (6,360) | ​ | $ | 92,966 | ​ | $ | 101,188 | ​ | $ | 138 | ​ | $ | (5,933) | ​ | $ | 95,393
Held to maturity: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S. Government sponsored entities | ​ | $ | 28,000 | ​ | $ | — | ​ | $ | (4,614) | ​ | $ | 23,386 | ​ | $ | 28,000 | ​ | $ | — | ​ | $ | (5,310) | ​ | $ | 22,690
State and political subdivisions | ​ |  | 1,143 | ​ |  | 55 | ​ |  | — | ​ |  | 1,198 | ​ |  | 1,115 | ​ |  | 67 | ​ |  | — | ​ |  | 1,182
Residential mortgage-backed securities | ​ |  | 6,747 | ​ |  | — | ​ |  | (2,067) | ​ |  | 4,680 | ​ |  | 6,645 | ​ |  | — | ​ |  | (1,939) | ​ |  | 4,706
Total securities held to maturity | ​ | $ | 35,890 | ​ | $ | 55 | ​ | $ | (6,681) | ​ | $ | 29,264 | ​ | $ | 35,760 | ​ | $ | 67 | ​ | $ | (7,249) | ​ | $ | 28,578
Schedule of Marketable Securities By Contractual Maturity | This table provides the remaining contractual maturities within the investment portfolios. The carrying value of securities at June 30, 2023 is distributed by contractual maturity. Mortgage-backed securities and other securities, which may have principal prepayment provisions, are distributed based on contractual maturity. Expected maturities will differ materially from contractual maturities as a result of early prepayments and calls. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | After one through | ​ | ​ | After five through | ​ | ​ | ​ | ​ | ​ | Total carrying | ​
​ | ​ | ​ | Within one year | ​ | ​ | five years | ​ | ​ | ten years | ​ | ​ | After ten years | ​ | ​ | value | ​
(In thousands) |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Available for sale at fair value: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Government sponsored entities | ​ | $ | 1,949 |  | $ | 14,299 |  | $ | — |  | $ | — |  | $ | 16,248 |
State and political subdivisions | ​ | ​ | 200 |  | ​ | 160 |  | ​ | — |  | ​ | 226 |  | ​ | 586 |
Residential mortgage-backed securities | ​ |  | — |  |  | 513 |  |  | 765 |  |  | 13,398 |  |  | 14,676 |
Corporate and other securities | ​ |  | — |  |  | 13,079 |  |  | 11,583 |  |  | 36,794 |  |  | 61,456 |
Total debt securities available for sale | ​ | $ | 2,149 |  | $ | 28,051 |  | $ | 12,348 |  | $ | 50,418 |  | $ | 92,966 |
Held to maturity at cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government sponsored entities | ​ | $ | — |  | $ | — |  | $ | 3,000 |  | $ | 25,000 |  | $ | 28,000 |
State and political subdivisions | ​ | ​ | — |  | ​ | — |  | ​ | — |  | ​ | 1,143 |  | ​ | 1,143 |
Residential mortgage-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,747 | ​ | ​ | 6,747 | ​
Total securities held to maturity | ​ | $ | — |  | $ | — |  | $ | 3,000 |  | $ | 32,890 |  | $ | 35,890 |
Schedule of Marketable Securities In Unrealized Loss Position | The fair value of debt securities with unrealized losses by length of time that the individual securities have been in a continuous unrealized loss position at June 30, 2023 and December 31, 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | June 30, 2023
​ | ​ | ​ | Less than 12 months | ​ | 12 months and greater | ​ | Total
​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
(In thousands) | ​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
Available for sale: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | 339 | ​ | $ | (5) | ​ | $ | 15,909 | ​ | $ | (725) | ​ | $ | 16,248 | ​ | $ | (730)
State and political subdivisions |  | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 386 | ​ | ​ | (45) | ​ | ​ | 386 | ​ | ​ | (45)
Residential mortgage-backed securities |  | ​ | ​ | 4,628 | ​ | ​ | (221) | ​ | ​ | 9,990 | ​ | ​ | (1,402) | ​ | ​ | 14,618 | ​ | ​ | (1,623)
Corporate and other securities |  | ​ | ​ | 7,686 | ​ | ​ | (434) | ​ | ​ | 52,027 | ​ | ​ | (3,528) | ​ | ​ | 59,713 | ​ | ​ | (3,962)
Total | ​ | ​ | $ | 12,653 | ​ | $ | (660) | ​ | $ | 78,312 | ​ | $ | (5,700) | ​ | $ | 90,965 | ​ | $ | (6,360)
Held to maturity: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | — | ​ | $ | — | ​ | $ | 23,386 | ​ | $ | (4,614) | ​ | $ | 23,386 | ​ | $ | (4,614)
Residential mortgage-backed securities | ​ | ​ | ​ | — | ​ | $ | — | ​ | ​ | 4,680 | ​ | ​ | (2,067) | ​ | ​ | 4,680 | ​ | ​ | (2,067)
Total |  | ​ | $ | — | ​ | $ | — | ​ | $ | 28,066 | ​ | $ | (6,681) | ​ | $ | 28,066 | ​ | $ | (6,681)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31, 2022
​ | ​ | ​ | Less than 12 months | ​ | 12 months and greater | ​ | Total
​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
(In thousands) | ​ | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss | ​ | fair value | ​ | loss
Available for sale: |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government sponsored entities |  | ​ | $ | 15,817 | ​ | $ | (622) | ​ | $ | 1,432 | ​ | $ | (34) | ​ | $ | 17,249 | ​ | $ | (656)
State and political subdivisions |  | ​ | ​ | 160 | ​ | ​ | (5) | ​ | ​ | 253 | ​ | ​ | (17) | ​ | ​ | 413 | ​ | ​ | (22)
Residential mortgage-backed securities |  | ​ |  | 14,023 | ​ | ​ | (1,448) | ​ | ​ | 1,311 | ​ | ​ | (206) | ​ | ​ | 15,334 | ​ | ​ | (1,654)
Corporate and other securities |  | ​ | ​ | 23,445 | ​ |  | (966) | ​ |  | 31,948 | ​ |  | (2,635) | ​ |  | 55,393 | ​ |  | (3,601)
Total temporarily impaired AFS securities |  | ​ | $ | 53,445 | ​ | $ | (3,041) | ​ | $ | 34,944 | ​ | $ | (2,892) | ​ | $ | 88,389 | ​ | $ | (5,933)
Held to maturity: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
U.S. Government sponsored entities |  | ​ | $ | 15,659 | ​ | $ | (2,341) | ​ | $ | 7,031 | ​ | $ | (2,969) | ​ | $ | 22,690 | ​ | $ | (5,310)
Residential mortgage-backed securities |  | ​ |  | 4,707 | ​ |  | (1,939) | ​ |  | — | ​ |  | — | ​ |  | 4,707 | ​ |  | (1,939)
Total temporarily impaired HTM securities |  | ​ | $ | 20,366 | ​ | $ | (4,280) | ​ | $ | 7,031 | ​ | $ | (2,969) | ​ | $ | 27,397 | ​ | $ | (7,249)
Equity Securities, Gains and Losses | The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended June 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, | ​ | For the six months ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net unrealized losses occurring during the period on equity securities | ​ | $ | (164) | ​ | $ | (498) | ​ | $ | (709) | ​ | $ | (1,055)
Net realized gains recognized during the period on equity securities sold during the period | ​ |  | — | ​ |  | — | ​ |  | 222 | ​ |  | —
Net losses recognized during the reporting period on equity securities | ​ | $ | (164) | ​ | $ | (498) | ​ | $ | (487) | ​ | $ | (1,055)

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